Swiss Re and Axa launch bid for Scottish Widows – report

Lloyds TSB is remaining tight lipped on reports that insurance giants Swiss Re and Axa have launched a joint bid valued at around GBP8 billion for its life insurance unit Scottish Widows.

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The possibility was first mooted in a report in the UK’s Sunday Telegraph which suggested that Swiss Re would take Scottish Widows’ closed life funds while Axa would look to gain control of the rest of the business including its fund management unit.

However, a spokesperson for Lloyds TSB quoted in the Independent Online suggested that the group would be likely to rebuff any such bid for its Scottish Widows arm, but refused to comment on specifics: We’re very committed to Scottish Widows – it’s a core part of the group. But we do not comment on market speculation or rumor.